The Bitcoin spot ETF provides convenient access to Bitcoin investment for US institutions, and an increasing number of retirement funds and family offices are starting to increase their Bitcoin exposure through ETFs.
According to the 13-F filing submitted to the US Securities and Exchange Commission (SEC) by the Michigan Retirement System today, the fund has invested $6.6 million in Bitcoin (BTC) through ARK 21Shares’ ARKB. This is approximately 0.004% of the Michigan Retirement System’s assets under management (as of December 2023 data).
The 13-F filing is a quarterly report that institutional investment managers with assets over $100 million are required to submit to the SEC on time. The Michigan Retirement System is the latest retirement fund to include Bitcoin in its holdings. Earlier reports also indicated that the Wisconsin Investment Board (SWIB) invested $99 million in Bitcoin through iBIT by BlackRock.
Furthermore, Jersey City, New Jersey Mayor Steven Fulop revealed that the city’s retirement fund is considering investing in Bitcoin through ETFs. Steven Fulop posted on social media yesterday, stating: “The question of whether cryptocurrencies/Bitcoin will continue to exist is essentially over, cryptocurrencies/Bitcoin have won.”
As more 13-F filings are submitted to the SEC, more institutional investors’ Bitcoin exposure may come to light.
